THE 2017 election outcome of a hung parliament is a terrible result for British pensioners and savers, experts have warned.

The 2017 election result means there is set to be a period of huge uncertainty over retirement policies as a new Government forms and how the issues of pension and retirement are dealt with.

Labour and Conservative policies over the state pension triple lock and the state pension age differ hugely in the election manifestos.

And a new Government could prompt another budget for Britain, meaning it could be months before policies on retirement and pensions become clear.

Tom Selby, senior analyst at AJ Bell, said: "A hung parliament is the worst possible outcome for pensioners and people saving for their retirement.

"We will now have a period of limbo while a new Government is formed and we may well be heading back to the polls later this year.

“It means that key decisions around the state retirement age, the state pension triple lock, social care funding and pension tax relief are all going to take a back seat while the wheels of Westminster slowly turn."

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Conservatives pledged to drop the state pension triple-lock, which guarantees the payment will rise by the highest of 2.5 per cent, earnings or inflation.

Labour and the Liberal Democrats had promised to maintain the gurantee.

The Tories had also promised to means-test the Winter Fuel Allowance and make huge changes to social care contributions, but the election outcome has thrown uncertainty over whether these new policies will now be introduced.